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For Sale: $899,999

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Portland Real Estate Update By Rob Levy

Portland Real Estate Update November '15

October brought some cooling to real estate activity in the Portland metro area, but pending sales were still on the rise. At 2,996, pending sales edged over September’s 2,971 accepted offers by 0.8%, and fared 20.8% better than the 2,480 offers accepted in October 2014. This was the strongest October for pending sales in the area since October 2005, when 3,076 offers were accepted for the month.

Closed sales (2,717) were 9.2% ahead of October 2014 (2,487) but fell 9.7% short of the 3,010 closings posted last month in September 2015. New listings (3,063) fared similarly, ending 6.3% ahead of October 2014 (2,881) but 10.5% below September 2015 (3,424). Inventory in the Portland metro area decreased slightly in October to 1.8 months. During the same period, total market time remained stable at 46 days. There are currently a total of 5,021 active residential listings in the Portland metro area.  

 Activity has been higher in 2015 than in 2014 across the board. Pending sales (30,453) are up 23.4%, closed sales (28,096) are up 20.6%, and new listings (36,966) are up 8.5% for the year thus far. Prices continue to rise in 2015 compared to 2014. Comparing each year through October, the average sale price rose 6.1% from $333,200 to $353,400. In the same comparison, the median sale price rose 7.0% from $285,000 to $305,000.

Our home of the month is a stunning custom home in the exclusive gated community of Beaver Lake.  This over 5,500 square foot home sits on nearly 4 acres and has an in ground swimming pool.  Interior is full of fine finishes throughout, and is an amazing buy at $899,999 Check it out by clicking here!

Should I Pay a Mortgage Rate Over 4%?

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie MacFannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters.  This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows. Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago; a lower rate than your parents did twenty years ago and a better rate than your grandparents did forty years ago. Here is a chart showing the average mortgage interest rate over the last several decades.

Top 10 Updates You Can Do For Resale

This list recently from survey results by the National Association of Realtors in partership with Remodeling magazine shows which items get you the best bang for the buck.  Clearly the front door is best due to the old adage "you never get a 2nd chance for a 1st impression".  I participated in this survey and am surprprised at the results because I am a kitchen guy, and have always noticed in the 27+ years of selling lots of homes that people are drawn to kitchens.  I still think a kitchen makeover (not remodel) will most always get your house sold faster, and for more money.  If you are thinking of updating your house for resale, please let me know and I would be happy to consult with you letting you know what I see, in our market that helps a home sell fast and for more money.